Following announcements of major investments in both Mexico and India, Ford Motor Co. is set to make a $2.5 billion bet closer to home. Meanwhile, Toyota Motor Co. has confirmed recent reports that it will invest $1 billion in a new Central Mexican plant to produce its compact Corolla model.
Toyota and Ford will join a growing list of manufacturers either entering or expanding operations in Mexico which is now one of the world’s largest producers of automobiles. That includes carmakers from Europe, Asia and Detroit, as well.
While Ford is not officially confirming the announcement — stating it “cannot comment on future product or manufacturing plans” – Toyota North American CEO Jim Lentz said the new Corolla plant is part of a “strategic re-thinking of how and where we build our products will create new opportunities for our company, our business partners and our team members across the region.”